New Delhi, July 12 -- As India begins the second half of 2025, I personally see this as the most defining phase of India's economic and fiscal management transformation. The first five years of this decade were about recovery reviving growth post-pandemic, rebuilding confidence in the markets, and rolling out foundational reforms. Currently the innings from mid-2025 to say 2030 will determine whether India rises as a globally competitive, innovation-driven economy or falls short due to internal fiscal stress. World Bank and IMF still view that India is on a roll per their latest economic assessment report.

Fiscal health especially how well both the Union and State governments in India manage revenues, borrowings, and expenditures is emer...